Red Door Wealth Management LLC Takes Position in Synopsys, Inc. (NASDAQ:SNPS)

Red Door Wealth Management LLC purchased a new stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,386 shares of the semiconductor company's stock, valued at approximately $594,000.

A number of other institutional investors have also recently made changes to their positions in SNPS. Vanguard Group Inc. grew its stake in shares of Synopsys by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company's stock valued at $7,029,360,000 after purchasing an additional 120,575 shares during the period. Capital World Investors boosted its holdings in shares of Synopsys by 1.6% in the fourth quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company's stock worth $3,533,526,000 after buying an additional 114,893 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Synopsys by 21.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company's stock valued at $2,864,933,000 after buying an additional 1,045,326 shares during the period. Geode Capital Management LLC increased its holdings in Synopsys by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company's stock valued at $1,625,230,000 after buying an additional 75,298 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in Synopsys by 26.2% in the fourth quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company's stock worth $916,441,000 after acquiring an additional 391,681 shares during the period. Hedge funds and other institutional investors own 85.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Piper Sandler reissued an "overweight" rating and set a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. Needham & Company LLC reiterated a "buy" rating and set a $650.00 price objective on shares of Synopsys in a research note on Thursday, May 29th. Stifel Nicolaus set a $550.00 target price on shares of Synopsys in a report on Monday, April 28th. KeyCorp set a $540.00 price target on shares of Synopsys in a report on Tuesday, June 3rd. Finally, Mizuho reduced their price objective on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $607.14.

Insider Buying and Selling at Synopsys

In other news, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total value of $4,245,602.10. Following the completion of the transaction, the executive owned 1,485 shares in the company, valued at approximately $699,746.85. The trade was a 85.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Shelagh Glaser sold 7,310 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the sale, the chief financial officer owned 15,291 shares of the company's stock, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,686 shares of company stock worth $13,001,048 over the last ninety days. Company insiders own 0.62% of the company's stock.

Synopsys Price Performance

SNPS traded up $10.05 during trading hours on Monday, hitting $512.68. The company's stock had a trading volume of 1,343,595 shares, compared to its average volume of 1,165,548. The stock has a market cap of $79.55 billion, a price-to-earnings ratio of 37.02, a P/E/G ratio of 3.32 and a beta of 1.11. The business's 50-day moving average price is $479.33 and its 200-day moving average price is $477.10. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $624.80.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, topping analysts' consensus estimates of $3.40 by $0.27. The business had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The business's revenue was up 10.3% on a year-over-year basis. During the same period last year, the company posted $3.00 EPS. Sell-side analysts expect that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Synopsys Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.